Featured Articles Archive - Page 489

Deal Me In: Two inquiries for the price of one

Dear Mark: Could you please explain how slot tournaments work? I'm entering a $50 tournament at our casino and I was wondering if you had any strategies on winning? Megan H. Dear Mark: How does a casino turn a bank of low payout slots into VERY HIGH payout slots for a tournament and then back again to low payout mode without changing a computer chip inside the machine? Harvey S...read more

Lawsuit claims MGM misled shareholders

LAS VEGAS, Nevada –- Strip casino giant MGM Mirage has been hit with a shareholder class action lawsuit over the company's falling stock price and financial issues covering the past two years. The case was filed in U.S. District Court in Nevada by a national law firm on behalf of a shareholder named Robert Lowinger, but is seeking other shareholders to join into the case that will seek class action certification. The lawsuit names MGM Mirage, former Chairman and Chief Executive Officer Terry Lanni, current Chairman and CEO Jim Murren, Chief Financial Officer Dan D'Arrigo and CityCenter CEO Bobby Baldwin as defendants. The case covers shareholders who owned stock in MGM Mirage between Aug...read more

Tiger's collapse proves costly for Paddy Power

The frustration on the face of Tiger Woods during his shocking defeat in the PGA Championship Sunday afternoon was nothing compared to the exasperation oozing out of Paddy Power. In fact, Mr. Paddy Power, the director of communications for the Irish bookmaking operation that bears his name, was so disturbed by what was happening at Hazeltine National Golf Club during the final round that he watched the action from his toilet. "I had to," Mr...read more

LV Sands files for Hong Kong Stock Exchange

LAS VEGAS, Nevada –- Las Vegas Sands Corp. said it has formally applied with the Hong Kong Stock Exchange for a listing on the main board of the Asian stock market. In a brief filing with the Securities and Exchange Commission this morning the operator of the Venetian and Palazzo and three resorts in Macau said the timing and terms of the initial public offering are still to be determined. In a note to investors, JPMorgan gaming analyst Joe Greff said Las Vegas Sands could raise up to $2 billion by offering up to 30 percent equity in its Macau casinos to back the IPO...read more

Wynns sell two million company shares

LAS VEGAS, Nevada –- Wynn Resorts Chairman Steve Wynn and his wife, Elaine, sold 2 million shares of the company's stock last Friday, collecting at least $114 million. In a brief statement released this morning, Wynn Resorts said the shares were sold "to provide liquidity in anticipation of the change in their marital status." The company said the shares, which represent less than 10 percent of the Wynn's total holdings, were sold at an average price of $57 per share. Wynn Resorts, which operates Wynn Las Vegas, Encore, and Wynn Macau, is traded on the Nasdaq National Market. The Wynns announced earlier this year they were divorcing...read more

The First iGaming Executive Blog...With a Twist

In the rapidly evolving world of social media, the relatively "old school" concept of blogging remains at the forefront as one of the most popular online means of mass communication. Nowadays, blogs act as a form of constant communication to the public and act as a feeder and doorway into the writer's social networking sites profiles such as Facebook, Twitter and Flickr...read more

MGM Mirage says M Resort has lost its value

LAS VEGAS, Nevada –- MGM Mirage told Wall Street its investment in the $1 billion M Resort has lost its value. When the Strip casino giant released second-quarter earnings Aug. 3, one factor contributing to the company's $212.6 million loss was a noncash impairment charge of $188 million, or 34 cents a share, related to the company's convertible note in M Resort. "Given the current economic climate, the operating environment is certainly challenging," MGM Mirage Chief Financial Officer Dan D'Arrigo said...read more

Privé files for license after staff changes

LAS VEGAS, Nevada –- The shuttered Privé nightclub and its ultralounge, the Living Room, could reopen sometime this week under a temporary liquor license after the ownership of the location inside Planet Hollywood Resort replaced the management and key employees. Clark County's Business and License Department revoked the club's liquor license last month, the same day Planet Hollywood Resort agreed to pay a $500,000 fine to Nevada gaming regulators for not properly overseeing activities inside the nightclubs. An appeal of that ruling had been scheduled to be heard today by Clark County commissioners, but the club's representatives withdrew the request last week and filed new liquor license applications with changes in management and ownership. A legal source close to the matter said a temporary license could be issued this week. Privé and Living Room are owned by the Miami-based Opium Group, which leases the space at Planet Hollywood Resort. In a memorandum to commissioners e-mailed Monday, Clark County Business and License Director Jacqueline Holloway said the new application included the removal Opium Group manager Justin Levine from ownership of Privé...read more

Playing It Smart: Does the down economy herald a return of low-limit gambling?

The casinos used to think they were recession-proof. Lately, they've been asking themselves what happened. Millions of solid citizens used to think the casinos offered lots of entertainment and vacation bang for not all that many bucks...read more

Top-10 Female Characters from Gambling Movies

When we presented our Top-10 Most Memorable Gambling-Movie Characters last week, there was something missing: a woman. In fact, if we increased that list to a Top 25 I'm not even sure a female would have cracked the list. But that doesn't mean there haven't been some actresses who have been at their best in gambling movies...read more